Tuesday, 29 August 2017

Things You Should Know About Statutory Compliance- Part 1

In this blog, I will walk you through the details and questions pertaining to statutory compliance.

What does one mean by statutory compliance?

Statutory compliance, in literal terms refers to abiding to the statutory laws of a country which protect the employee. In higher respects it refers to the legal framework within which organizations must operate, in the treatment of their employees.

There are several hundreds of federal and state labor laws in every country that companies need to fall in line with. With the list being forever added to, lot of effort and money goes into guaranteeing compliance to these laws which could span over a range of issues; from the professional taxes, managing the payment of minimum wages to maternity benefits and various others.

Thus, dealing with Statutory Compliance requires companies to be experienced and well informed about the various labor regulations in their country.

What Is The Need For Statutory Compliance?

It’s pretty simple, adhere to statutory compliance is necessary for all big and small companies in the world to keep their businesses safe from the legal hitches. A deep knowledge of statutory compliance is required to curtail the risk allied with the noncompliance of statutory requirements.

In today’s cut-throat business world, it is very moiling and an uphill task for employers to manage Statutory Compliance without a good payroll service provider. India has various kinds of such requirements that companies have to comply to. If companies fail to obey the statutory compliance, they may have to face heavy penalties which may severely dent the finances of any company.

Hope this article serves as a basis to clear your basic doubts related to statutory compliance, stay tuned to our blogs for the details we’d be discussing about the laws that a company needs to comply with to stay legally fit.